Adopted Budget
Fiscal Year 2022

Villa Portofino West Community Development District

July 19, 2021

Villa Portofino West
Community Development District

TABLE OF CONTENTS

General Fund Budget Narrative

Page 1
Page 2-3

Debt Service Fund Series 2020 Budget
Amortization Schedule - 2020

Page 4
Page 5

Villa Portofino West
Community Development District

General Fund

Adopted Budget
 	FY 2021	

Actual Thru
 	6/30/2021	

Projected Next
 	3 Months	

Total Projected
 	9/30/2021	

Adopted Budget
 	FY 2022	

 Description	

Revenues

Maintenance Assessments Interest Income

$84,830
$1,000

$84,251
$379

$3,789
$60

$88,040
$439

$84,830
$100

Total Revenues

 	$85,830 

 	$84,630 

 	$3,849 

 	$88,479 

 	$84,930 

Expenditures

Administrative

Engineering Fees Dissemination Agent Assessment Roll Attorney Fees Annual  Audit Trustee Fees Management Fees Computer Time Website Compliance Telephone
Postage
Rentals and Leases Insurance
Printing & Binding Legal Advertising Other Current Charges Office Supplies
Dues, Licenses & Subscriptions Capital Outlay
Operating Reserve

$5,000
$2,500
$2,000
$12,000
$4,100
$3,000
$33,418
$1,000
$1,000
$50
$75
$2,400
$6,646
$500
$620
$1,000
$50
$175
$250
$10,046

$2,048
$1,875
$2,000
$4,243
$3,800
$7,000
$25,063
$750
$750
$0
$110
$1,800
$6,503
$308
$282
$655
$0
$175
$0
$0

$2,953
$625
$0
$7,758
$0
$0
$8,355
$250
$250
$50
$0
$600
$143
$193
$338
$345
$50
$0
$250
$8,959

$5,000
$2,500
$2,000
$12,000
$3,800
$7,000
$33,418
$1,000
$1,000
$50
$110
$2,400
$6,646
$500
$620
$1,000
$50
$175
$250
$8,959

$5,000
$2,500
$2,000
$12,000
$4,100
$3,000
$33,418
$1,000
$1,000
$50
$75
$2,400
$6,646
$500
$620
$1,000
$50
$175
$250
$9,146

Total Administrative

 	$85,830 

 	$57,361 

 	$31,117 

 	$88,478 

 	$84,930 

Excess Revenues/(Expenditures)

$0

$27,269

($27,268)

$0

$0

Page 1

Type	Units/Sq Ft	FY 2021	FY 2022	Gross Amount

Residential (TH)	211 Units	$329.36	$329.36	$69,494.96 Commercial	90,000 Sq. Ft.		$0.22		$0.22	$19,800.00

Total Gross
Disc. & Collections	5% Total Net

$89,294.96
$4,464.75

$84,830.21

Villa Portofino West
Community Development District

General Fund

REVENUES:

Maintenance Assessments
The District will levy a Maintenance Assessment on all assessable property within the District.

Interest Income
The District will have all excess funds invested with the State Board of Administration. The Amount is based upon the estimated average balance of funds available during the fiscal year.

EXPENDITURES:

Administrative

Engineering Fees
The District's engineer will be providing general engineering services to the District, i.e. attendance and preparation for monthly board meetings, review invoices, and various projects assigned as directed by the board of supervisors.

Dissemination Agent
The Annual Disclosure Report required is by the Security and Exchange Commission in order to comply with Rule 15(c) (2)-12(b) (5), which relates to additional reporting requirements for un-rated bond issues.

Assessment Roll
The District has contracted with GMS, LLC for the certifications of the District’s annual maintenance and debt service assessments to the Miami Dade Tax Collector.

Attorney Fees
The District's legal counsel will be providing general legal services to the District, i.e. attendance and preparation for monthly meetings, review operating & maintenance contracts, agreements, etc.

Annual Audit
The District is required by Florida Statute to arrange for an annual audit of its financial records by an independent certified public accounting firm.

Trustee Fees
The District’s Series 2006A, Special Assessment Bonds are held by a Trustee with Wells Fargo Bank, N.A. The amount represents the fee for the administration of the District’s bond issue.

Management Fees
The District receives Management, Accounting and Administrative services as part of a Management Agreement with Governmental Management Services-South Florida, LLC. These services are further outlined in Exhibit "A" of the Management Agreement.

Computer Time
The District processes all its financial activities, i.e. accounts payable, financial statements, etc. on a mainframe computer leased by
Governmental Management Services – South Florida, LLC.

Website Compliance
Per Section 189.069 F.S., all District must have a website by October 1, 2015 to provide detailed information on the CDD as well as links to useful websites regarding Compliance issues. This website will be maintained by GMS-SF, LLC and updated as required by the Statute.

Telephone
This category includes all charges relating to telephone calls, conference calls, and faxes made to and on behalf of the District.

Postage
Mailing of agenda packages, overnight deliveries, correspondence, etc.

Rental & Leases
The District will be charged $200 per month for office rent from Governmental Management Services – South Florida, LLC, for the District's administrative office located in Fort Lauderdale.

Page 2

Villa Portofino West
Community Development District

General Fund

Insurance
The District's General Liability & Public Officials Liability Insurance policy is with Florida Insurance Alliance an insurance company that specializes in providing insurance coverage to governmental agencies. The amount is based on prior year’s cost.

Printing & Binding
This category includes expenses relating to the printing and binding of agenda packages for board meetings, accounts payable checks, stationary, envelopes, photocopies, etc.

Legal Advertising
The District is required to advertise various notices for board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges
Bank charges and any other miscellaneous expenses incurred during the year.

Office Supplies
Miscellaneous office supplies.

Dues, Licenses & Subscriptions
The District is required to pay an annual fee to the Department of Economic Opportunity for $175. This is the only expense under this category for the District.

Capital Outlay
Represents any minor capital expenditures the District may need to make during the Fiscal Year such as a file cabinet for District files.

First Quarter Operating
Represents funds needed for 1st Quarter Operating of the next Fiscal Year, prior to the collection of Maintenance Assessments from the Tax Collector.

Page 3

Villa Portofino West
Community Development District

Debt Service Fund
Series 2020,  Special Assessment Refunding Bonds

Proposed Budget
 	FY 2021	

Actual Thru
 	6/30/2021	

Projected Next
 	3 Months	

Total Projected
 	9/30/2021	

Adopted Budget
 	FY 2022	

 Description	

Revenues

Special Assessments On Roll Interest Income
Carry Forward Surplus (1)

$33,031
$154
$0

$29,500
$11
$0

$14,412
$150
$0

$43,912
$161
$0

$270,946
$0
$178,261

Total Revenues

 	$33,185 

 	$29,511 

 	$14,562 

 	$44,073 

 	$449,207 

Expenditures

Series 2021 Interest 11/1 Interest - 5/1 Principal - 5/1

$0
$42,129
$172,000

$0
$42,129
$172,000

$0
$0
$0

$0
$42,129
$172,000

$55,753
$55,753
$158,000

Total Expenditures

 	$214,129 

 	$214,129 

 	$0 

 	$214,129 

 	$269,505 

Other Financing Sources/(Uses)

Bond Proceeds
Interfund Transfer In/(Out)

$3,171,614 ($2,830,731)

$3,171,614 ($2,823,297)

$0
$0

$3,171,614 ($2,823,297)

$0
$0

Total Financing Sources/(Uses)

 	$340,884 

 	$348,317 

 	$0 

 	$348,317 

 	$0 

Excess Revenues/(Expenditures)

$159,939

$163,699

$14,562

$178,261

$179,702

Carry forward surplus is net of the reserve requirement (1)

11/2022 Interest

$53,383

Page 4

Type

    Units/Sq Ft	 	Per Unit *	
211 Units	$997.66
90,000 Sq. Ft.	$0.83

Amount

Residential Commercial

$210,506.26
$74,700.00

Total Gross

$285,206.26
$14,260.31

Disc. & Collections	5% Total Net

$270,945.95

Villa Portofino West
Community Development District

Amortization Schedule
Series 2020,  Special Assessment Refunding Bonds

 	DATE	

 	BALANCE	

 	RATE	

 	PRINCIPAL	

 	INTEREST	

 	TOTAL	

05/01/21

$3,249,000.00

3.00%

$172,000.00

$42,129.03

$0.00

11/01/22
05/01/23
11/01/23
05/01/24
11/01/24
05/01/25
11/01/25
05/01/26
11/01/26
05/01/27
11/01/27
05/01/28
11/01/28
05/01/29
11/01/29
05/01/30
11/01/30
05/01/31
11/01/31
05/01/32
11/01/32
05/01/33
11/01/33
05/01/34
11/01/34
05/01/35
11/01/35
05/01/36

$2,919,000.00
$2,919,000.00
$2,754,000.00
$2,754,000.00
$2,583,000.00
$2,583,000.00
$2,406,000.00
$2,406,000.00
$2,227,000.00
$2,227,000.00
$2,038,000.00
$2,038,000.00
$1,842,000.00
$1,842,000.00
$1,640,000.00
$1,640,000.00
$1,433,000.00
$1,433,000.00
$1,216,000.00
$1,216,000.00
$993,000.00
$993,000.00
$759,000.00
$759,000.00
$515,000.00
$515,000.00
$262,000.00
$262,000.00

3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.00%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
3.50%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%

$0.00
$165,000.00
$0.00
$171,000.00
$0.00
$177,000.00
$0.00
$179,000.00
$0.00
$189,000.00
$0.00
$196,000.00
$0.00
$202,000.00
$0.00
$207,000.00
$0.00
$217,000.00
$0.00
$223,000.00
$0.00
$234,000.00
$0.00
$244,000.00
$0.00
$253,000.00
$0.00
$262,000.00

$53,382.50
$53,382.50
$50,907.50
$50,907.50
$48,342.50
$48,342.50
$45,687.50
$45,687.50
$42,555.00
$42,555.00
$39,247.50
$39,247.50
$35,817.50
$35,817.50
$32,282.50
$32,282.50
$28,660.00
$28,660.00
$24,320.00
$24,320.00
$19,860.00
$19,860.00
$15,180.00
$15,180.00
$10,300.00
$10,300.00
$5,240.00
$5,240.00

$267,135.00
$0.00
$269,290.00
$0.00
$270,250.00
$0.00
$271,030.00
$0.00
$267,242.50
$0.00
$270,802.50
$0.00
$271,065.00
$0.00
$270,100.00
$0.00
$267,942.50
$0.00
$269,980.00
$0.00
$267,180.00
$0.00
$269,040.00
$0.00
$269,480.00
$0.00
$268,540.00
$0.00

 Total	

 	$3,249,000.00

 	$1,057,199.03

 	$4,038,959.03

Page 5

11/01/21	$3,077,000.00	3.00%	$0.00	$55,752.50	$269,881.53
05/01/22	$3,077,000.00	3.00%	$158,000.00	$55,752.50	$0.00